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Kowloon over 20 %. The Chinese Customs Revenue may safely be regarded as an index to the variations in trade, and even the decreased volume thereof, for the reasons before mentioned, has in many instances resulted unprofitably. Trade cannot improve while the gold value of silver continues shrouded in boundless uncertainty and violent fluctuations in Exchange are taking place.

(e) Returns may shew some increase in the tonnage of shipping frequenting the harbour, but it is notorious in the Colony that a number of the steamers calling here have not been paying their running expenses, while nearly all have suffered pecuniarily in sympathy with the exceedingly unsatisfactory state of shipping all over the world. Shipping is undoubtedly of the very first importance to the Colony, but the alleged increase of tonnage can in no measure be reasonably construed as shewing any increase of prosperity in trade here. Such a deduction is more or less fallacious. According to the Estimates the revenue from Light Dues is on the decrease. The figures are:-

In 1891,

Revised Estimate for 1892,

Estimate for 1893,

.$89,656.69

87,142.31

87,000.00

(f) The destination of nearly all the Rice and other Imports from the Northern Ports is Canton. The Steamers carrying these merely pass through our waters, but the inclusion of their tonnage in our Harbour Statistics has led and leads to erroneous deductions. A large number of the Ocean Steamers to and from Europe, America, &c., in like manner swell the official tonnage returns, but in reality may add little to our revenue, and many of them contribute nothing to the trade profits, the steamers having in many instances to call, even with little or nothing to land in, or take from the Colony. They have to call for the sole purpose of transhipment of Cargo and Branch Line requirements.

(g) The Colony's Revenue from Opium has not increased or even been maintained. The rent from the Opium Farm has fallen from $389,900.00 in 1891, and $519,000.00 estimated for 1892, to $340,800.00 per annum for the next three years. The revenue from this source is of a most uncertain and precarious nature.

(h) The Revenue obtained from Subsidiary Coinage shows a large decrease. In 1890 it was $90,217.87, in 1891 $73,347.09; the revised Estimate for 1892 is only $8,500.00, and the Estimate for 1893 is $17,000.00.

(i) The Revenue of the Colony is not as productive and as elastic as when these augmentations in salaries were recommended. There was then a large surplus Revenue over Ordinary Expenditure. The surpluses were:---

In 1889,

In 1890, .....

In 1891,

Estimated surplus in Revenue in 1892,

Estimated possible surplus in Revenue in 1893,

$519,107.57

541,638.27

157,229.25

115,216.00

6,785.00

(j) Ordinary Expenditure, in spite of all the efforts of the Unofficial Members, continues to increase annually, and, we think, out of proportion to the real needs of the Colony. The figures are as follows:-

In 1889,

In 1890,

In 1891,

The latest estimate for 1892 is.....

While the estimate for 1893 is...........

..$1,459,167.16

1,470,221.00

1,868,073.26

1,882,000.00

.... 1,899,611.00

(k) House rents are lower now than they were in 1889-1890. The fall has been great; though the effect of this on the Revenue has not yet been felt. The annual valuations have hardly yet been altered. It was solely

It was solely on the ground of the great increase in house rents in the Colony that Lord KNUTSFORD sanctioned the increased salaries. (See his Lordship's Despatch of 3rd April, 1891, more par- ticularly para. 12.)